Undoubtedly, the IT industry is abuzz with Blockchain Solution and we can’t get over it, literally! Blockchain is not new and the integration of this technology has always helped to create the best products and software so that things can be made much advanced and technological. Blockchain appears to be the most talked about technology in the last decade when people started to think of it as the most desirable technology and it is indeed the best. We are going to discuss the benefits of implementing Blockchain technology into the Education sector.
Exclusive benefits of Blockchain Solution in Education Industry:
The field of education is not properly connected and the information is stored on separate islands. It is strongly based on data published in physical form. That’s why copying and changing data is easy. The main questions are as follows.
● Certificate authentication:
With so many advanced image editing programs, you can easily authenticate or edit paper grades and certificates. It is almost impossible to distinguish between a modified/ edited document and an original. Most certificates/ degrees have unique identification numbers UIN. There is little or no verification of this unique number and no check at all.
Companies are hiring a third-party certification service providers to verify the cost of these certificates/ diplomas. The verification process takes time and time, causing unnecessary delays in hiring.
Institutions can choose Ethereum or Blockchain technology to build a network of research institutes in this technology. The network can join other companies that only have access. Since each event of such a network is stored as a timestamp, and details of the event are stored in a cryptographic hash, it is almost impossible to record the change of information.
This blockchain-based network is “write once” and can only add new data. That is, you cannot delete or edit data. Even message owners can only attach information, and it’s easy to track who made the changes and when. You can use your network to publish your degree/certificate digitally.
All information related to personal information can be stored in the form of an intelligent agreement (operation of the Ethereum Blockchain). Institutions can issue certificates/qualifications online and add information to intelligent contracts. Each time an intelligent agreement adds new information (new certificate or degree), the person must confirm this information. It has proved to be a permanent profile.
Each member of the Blockchain Solution network, including companies, receives an automatic reminder triggered by an intelligent agreement to add or update personal profiles. This simplifies the verification process and eliminates the need for third-party verification services. However, in the real world, third-party authentication companies can use these networks for better service.
● Originality verification of the degrees:
Research plays an important role in advanced research. Researchers and researchers often present their research results. In addition, many of these studies are sponsored by communities. Universities and magazines use online plagiarism tools to check whether the work is original or copy.
With the help of Blockchain, each research paper can be stored using a unique number identifier. In addition, you can import text files containing research results into the SHA-256 algorithm (Secure Hash Algorithm), which creates a unique 256-bit spread for enhanced security. That’s why you can’t make a copy of the data. Only people with the correct information can access the information. In addition, it is easy to prove the ownership of the work.
● Easy and safe payment:
Many students cross the border for better education. There are many obstacles to the transfer of funds across borders to cover costs and other training costs. For international remittances, transaction costs are high and there is no visibility when the beneficiary receives money.
By developing cryptocurrencies that can be exchanged for different educational services and payment fees, educational institutions can solve their payments faster. In addition, by using this cryptocurrency program, smart students can be automatically rewarded with intelligent contracts, when certain goals are achieved, using fees and other training services.
Future Prospects of Blockchain in general:
Blockchain and BitCoin have come to be known as the only duet that has got the limelight because it all started with the use of Blockchain wallet being used for sending and receiving of BitCoins. It was years ago that the trend became high and then, Blockchain Solution gained popularity. It continued to be used in other fields as well but it was not able to get more attention in other areas as was expected out of it.
If there is anything that most of the people can recall is that the decentralisation of the monetary system was promised with the coming of BitCoin. It couldn’t happen because the government authorities around the world saw threats and dangers lurking in the quagmire of this digital cryptocurrency. There is not just BitCoin but other cryptocurrencies as well. But, the most popular digital cryptocurrency with which the Blockchain solution were able to fit in perfectly was BitCoin without any doubts.
The implementation of Blockchain in the field of education is ripe. The benefits of implementing Blockchain are much greater than the development costs. In order to realize the full potential of this technology, it is important to be able to provide comprehensive blockchain consulting services.
How is Blockchain Solution contributing to the Education industry? was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.